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Rating Action:

Moody's confirms Cablevision B1 rating following merger with Cequel; Outlook is Stable

30 Nov 2018

New York, November 30, 2018 -- Moody's Investors Service, ("Moody's") has confirmed Cablevision Systems Corporation's (Cablevision) B1 Corporate Family Rating, from B1 under review and B1-PD Probability of Default Rating, from B1-PD under review. Moody's confirmed also the Company's instrument ratings including the Ba2 senior secured bank credit facility, Ba2 senior unsecured guaranteed notes, and B2 senior unsecured notes, held at CSC Holdings, LLC and the B3 senior unsecured notes at Cablevision Systems Corporation -- all of which were under review for upgrade. Moody's also assigned a Ba2 rating to the new senior unsecured guaranteed notes (including the 5.375%, $1.1 billion notes due 2023, and 5.5%, $1.5 billion notes due 2026) and a B2 to the new senior unsecured notes (including the 5.125% $1.25 billion notes due 2021, the 7.5%, $1.05 billion notes due 2028, and the 7.75%, $620 million notes due 2025) -- at CSC Holdings, LLC. Moody's previously assigned a Ba2 rating to the new senior secured credit facility (including the $1.275 billion senior secured term loan due 2026) at CSC Holdings, LLC. The Speculative Grade Liquidity was changed to SGL-1, from SGL-2. The Outlook on Cablevision is Stable. Today's rating action concludes the review for upgrade initiated on 2 October 2018.

All ratings at Cequel Communications Holdings I, LLC and Altice US Finance I Corporation (collectively "Cequel") will be withdrawn, including its B2 corporate family rating (CFR), B2-PD probability of default rating, Ba3 senior secured bank credit facility, Ba3 senior secured notes, Caa1 senior unsecured notes, and the outlook (currently rating under review).

Upgrades:

..Issuer: Cablevision Systems Corporation

.... Speculative Grade Liquidity Rating, Upgraded to SGL-1 from SGL-2

Assignments:

..Issuer: CSC Holdings, LLC

....Senior Unsecured Regular Bond/Debenture, Assigned B2 (LGD5)

....Gtd Senior Unsecured Regular Bond/Debenture, Assigned Ba2 (LGD2)

Outlook Actions:

..Issuer: Cablevision Systems Corporation

....Outlook, Changed To Stable From Rating Under Review

..Issuer: CSC Holdings, LLC

....Outlook, Changed To Stable From Rating Under Review

Confirmations:

..Issuer: Cablevision Systems Corporation

.... Probability of Default Rating, Confirmed at B1-PD

.... Corporate Family Rating, Confirmed at B1

....Senior Unsecured Regular Bond/Debenture, Confirmed at B3 (LGD6)

..Issuer: CSC Holdings, LLC

....Senior Secured Bank Credit Facility, Confirmed at Ba2 (LGD2)

....Gtd Senior Unsecured Regular Bond/Debenture, Confirmed at Ba2 (LGD2)

....Senior Unsecured Regular Bond/Debenture, Confirmed at B2 (LGD5)

..Issuer: Neptune Finco Corp.

....Senior Secured Bank Credit Facility, Confirmed at Ba2 (LGD2)

....Senior Unsecured Regular Bond/Debenture, Confirmed at B2 (LGD5)

....Gtd Senior Unsecured Regular Bond/Debenture, Confirmed at Ba2 (LGD2)

This action follows Altice USA's merger of the Suddenlink (Cequel) business into Optimum (Cablevision), creating a single credit silo. In connection with the transaction, the previously outstanding $5.5 billion in Cequel senior secured and senior unsecured notes ("Original Notes") were exchanged into $5.5 billion in new senior guaranteed and senior notes (the "New CSC Notes") of CSC Holdings, LLC. A new credit facility at CSC Holdings, LLC was also issued to refinance Cequel's existing credit facility. The new debt issued at CSC Holdings, LLC has the same interest rates and maturities, and is subject to the same terms and conditions, except for the new credit facility which was issued at market interest rates and the secured notes which lost a perfected interest in the assets of subsidiaries but gained guarantees from the operating subsidiaries. The post-closing organizational structure, under Altice USA, Inc., includes wholly owned Cablevision Systems Corporation, which wholly owns Cablevision Systems Corporation Holdings, LLC, which wholly owns the Cequel and Cablevision (the guarantors) operating subsidiaries. The new notes at CSC Holdings, LLC has claims, on an unsecured basis, on all assets at these operating subsidiaries. The new CSC notes due 2023 and 2026 will be guaranteed unconditionally and will be irrevocable.

RATINGS RATIONALE

Cablevision Systems Corporation's (Cablevision or the Company) B1 Corporate Family Rating (CFR) is supported by its large size and somewhat diversified footprint which includes 8.7 million homes passed and 9.9 million subscribers, that generates over $10 billion in revenue -- scale more similar to investment grade companies. The Company is an established operator with a very strong market position in some very large markets, especially in its Optimum footprint which has very favorable demographics. This strength is reflected in very high, industry leading operating metrics including investment-grade like Revenue Per Homes (RPH) passed (currently $1,088), and a Triple Play Equivalent (TPE) ratio at 38%. The Company has an upgraded network that produces superior network speeds (up to 1 gbs) that helps compete with in-market peers and to attract and retain residential and commercial customers, particularly broadband. With revenue growth over 10% and high margins, broadband generates significant earnings and cash flows, which will helps to offset weakness in video and telephony. It also supports the generation of approximately $1.5 billion in annual free cash flow on EBITDA margins near 44%. We expect this strength to continue, supported by its current investments in Fiber-to-The-Home network architecture. The Company also has very good liquidity, with strong operating cash flow, a largely undrawn revolver, substantial covenant cushion, and a manageable maturity profile.

The rating is constrained by an aggressive financial policy that tolerates high leverage, that was approximately 5.4x (Moody's adjusted) at the end of the last quarter ended September. While management has publically stated it has a target leverage ratio between 4.5x-5.0x (reported, net of cash and collateralized obligations), management has shown a tolerance for much higher leverage (peaking above 7x) and has capacity (within the terms of its covenants) to take leverage up to as high as 9x. In addition, we expect management to repurchase stock of at least $1.5 billion, possibly up to $2 billion, annually (but no more than free cash flow) pursuant to its recently announced share repurchase program. We also believe the Company's largest shareholder, which has voting control and common ownership with Altice Luxembourg S.A. (B1 Negative), is a risk factor that is likely to constrain Cablevision's rating, especially when there is weakness in the European operation of Luxembourg and an ability to extract cash from the US operations through dividends or other transactions to support that business. With that said, we believe there are currently better options to fund weakness in Europe and understand management has said the separation from the European operations clarifies the prioritization of capital allocation between the two companies and ensures that the US capital structure and capital allocation decisions are independent of any Europe-related considerations. Additionally, Cablevision's video business is under a lot of pressure with high programming costs being passed on to customers, and over the top video streaming competitors drawing market share. This is evidenced by falling subscriber counts (up to -3%) and declining penetration by -1% to -2% annually driving down the Company's Triple Play Equivalent ratio. The Company also faces new wireless broadband threats, as carriers are expected to begin launching 5G technology into Cablevision's markets over the next 12-18 months. While promising, it's uncertain to what extent the Company's agreement with Sprint to create a mobile virtual network will help retain customers.

OUTLOOK

The Stable outlook reflects our expectation that the Company will generate nearly $10 billion in revenues over the next 12-18 months, producing up to $4.4 billion in EBITDA on margins near 44%. We expect free cash flows to be at least $1.5 billion, after capital expenditures of up to $1.3 billion (about 13% of revenue). We project leverage (total debt/EBITDA) to fall near 5x (with debt declining to approximately $22.5 billion with mandatory amortization), FCF/debt to rise above 6.5%, and interest coverage (EBITDACAPEX/ interest) to be higher than 2x. Our projections also assume the Company's market share will be approximately 37%, measured using our Triple-Play-Equivalent ratio, and revenue per homes passed will be above $1,100. Key model assumptions include a rise in broadband subscribers of approximately 2%, and video subscribes declining near -3%. We expect the Company to use all available free cash flow to repurchase stock. Our outlook assumes the Company maintains its very good liquidity profile, and there are no material changes (relative to our expectations) in the scale of the Company, the geographic footprint, market position/share, financial policy, capital structure, key performance measures, or the business model.

Note: all figures and ratios based on Moody's adjusted estimates

FACTORS THAT COULD LEAD TO AN UPGRADE

Moody's would consider an upgrade if leverage (Moody's adjusted Debt/EBITDA) was sustained below 5.0x, and free cash flow to debt (Moody's adjusted) was sustained above 5%. A positive rating action would also be contingent on an improvement in the credit profile of Altice Luxembourg S.A. that mitigates the risk of relying on Cablevision. We would also consider an upgrade if the Company maintains very good liquidity, increases its scale, adopts more conservative financial policies, there is a low probability of near-term event risks and or there are material favorable developments in regulation, market position, capital structure, business model or key performance measures that, when taken together with all other factors, the credit profile suggests a better rating category.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Moody's would consider a downgrade if leverage (Moody's adjusted Debt/EBITDA) is sustained above 6.25x (Moody's adjusted), or free cash flow to debt (Moody's adjusted) is sustained below 3%. A negative rating action would also be considered if there was a material deterioration in the credit quality of Altice Luxembourg S.A. and or we believed the common owner planned to use the liquidity of Cablevision to support the Luxembourg credit. We also would consider a downgrade if liquidity deteriorated, more aggressive financial policies were adopted, or we anticipated the possibility of a material and adverse change in regulation, market position, capital structure, key performance measures, or the operating model such that, when taken together with all other factors, the credit profile suggests a lower rating category.

Headquartered in Long Island City, New York, Cablevision Systems Corporation passes 8.7 million homes in 21 states, serving approximately 4.9 million residential and business customers, with revenues generated by about 9.9 million subscribers. The Company is wholly owned by Altice USA, a public company controlled by Patrick Drahi, and is also the direct parent of CSC Holdings, LLC. Revenue for LTM September 30, 2018 was approximately $9.5 billion.

The principal methodology used in these ratings was Global Pay Television - Cable and Direct-to-Home Satellite Operators published in January 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Jason Cuomo
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

John Diaz
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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